21 January 2015 – El Mundo
The complex has 152 homes, with a total surface area of 14,762 square metres.
It is a particularly attractive asset for international developers and investors.
The company CTH Capital has been awarded the residential complex ‘Golf Hills Village’ through an auction organised by the property consultant BNP Paribas Real Estate. The property, located in Estepona, in the area known as Selwo, has 152 newly built homes. In total, the above ground surface area occupies 14,762 square metres.
“Transactions such as this one highlight the growing interest in the Spanish real estate sector from international investors. In this sense, the Costa del Sol has a clear advantage since it is a landmark tourist destination and also benefits from high quality infrastructure”, says CBRE, a company that advised CTH Capital in its purchase of the complex.
The auction was conducted through sealed bids in the presence of a notary and had the distinction of being the first in Spain of an asset under construction. Nevertheless, the building work at the complex is in the advanced phase, with more than 95% of the basic project now complete.
An attractive asset for international investors
“As we explained during the presentation of the auction, the characteristics of this asset made it particularly attractive for international developers and investors, which has been proven at the close”, says Irene Valbuena, Head of Auctions at BNP Paribas Real Estate. “Furthermore, the transaction confirms the interest of international investors in Spanish assets and shows how they are adopting value-added strategies to enter into our market, such as in this case, where the construction work still needs to be completed”.
CTH Capital is dedicated to the management and investment of real estate, and is based in London, UK. The company specialises in direct investments with a special focus on investments in hotels and second homes.
CTH Capital has made its investment under a joint venture with the property developer and constructor, JAMSA, which has more than 40 years of experience developing property in Spain and overseas (Dominican Republic, Florida, Romania).
Original story: El Mundo
Translation: Carmel Drake